Market Size of 3D Printing Industry
|2019 - 2029
|Base Year For Estimation
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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3D Printing Market Analysis
The 3D Printing Market is expected to register a CAGR of 22.66% during the forecast period.
The 3D Printing Market size was estimated at USD 20.24 billion in the current year to USD 56.21 billion in five years, registering a CAGR of 22.66% during the forecast period. This growth of the 3D printing market is pinned to the trend that large manufacturers are increasingly using the technology for mass production.
- With rapid advancements in material composition, such as the emerging use cases of polymers and metals, additive manufacturing is evolving from a prototyping tool to a functional part of fabrication. New materials, shorter lead times, and innovative finishes while adhering to standards (FDA, ASTM, and ISO) enable the technology to be integrated into manufacturing processes.
- Further, the decreased prices of additive manufacturing-based machines, growing expertise, and awareness have increased 3D manufacturing adoption. Newer and advanced fused deposition modeling methods have enabled the use of diverse materials, thereby boosting widespread adoption across various industries over recent years.
- Governments worldwide have already started investing in R&D on 3D printing, which has positively impacted technology propagation and adoption. For instance, in February 2022, the government of India aims to capture 5% of the global market share in 3D printing by adding nearly USD 2-3 billion to the GDP in the coming 2-3 years. The government plans to create 50 India-specific technologies for material, machine, process, and software to make India a 3D-printed design and manufacturing hub.
- However, as technology advances, additive manufacturing challenges the traditional forms of Intellectual Property (IP) protection. It significantly boosts the illegal usage of printed weapons and drugs, which is expected to hinder the market's growth. Also, the market is constrained by the high equipment costs needed to achieve substantial economies of scale. Furthermore, the lack of an international standards body regulating manufacturers limits the market's standardization structure.
- COVID-19 pandemic increased the demand for 3D printing. 3D printing systems are rapidly being utilized to create medical devices, personal protective equipment (PPE), testing devices, and even emergency dwellings to isolate persons suffering from the disease. The various technological advancements, such as AI and ML, further augment the adoption of 3D Printing devices.
- The pandemic hit the metal and polymer 3D printing markets hard. Whereas growth has been slower for metals and polymers than pre-pandemic expectations, these markets are returning rapidly with growing demand from end-user industries.